“We’re always interested in talking with people who need to place money.”
– Sean McMahon, project manager for Teng & Associates‘ Waterview Tower and Shangri-La Hotel, ready to greet lenders and investors with open arms and a big smile.
Waterview Tower has moved into the “off again” column again after failing to secure trade credit insurance, Crain’s reports. The Export-Import Bank of China offered to finance the 90 story tower at 111 W Wacker Dr this spring but will not give Teng a $400-million construction loan until insurance is in place. Workers walked off the job this summer, leaving a “26-story concrete shell” to stand empty, and subcontractors have filed two liens on the project, according to the article.
Crain’s says that 68 percent of Waterview Tower’s 233 residential condos are under contract, the same number we’ve been hearing for at least eight months. Those homes have one to five bedrooms and range from the $770s to $8.8 million. I wrote in May about one of those units, a 2,217 square-foot two-bedroom priced at $1.71 million.
Forty percent of the 200 hotel condos are under contract, as well. Shangri-La Hotel‘s studios and one- to two-bedroom condos are priced from the $610s to $2 million, according to NewHomeNotebook.com.
this is such a gracious and sexy looking building that i just cringe its in a standstill! Those unit albeit pricey are some of the nicest I’ve seen. The finishes are beautiful! Lets keep are fingers crossed it gets done and as planned!